Its not been long that wealth tax is abolished. Human mind has just started getting over the memory of filing the wealth tax return other than income tax return when suddenly before the Budget the buzz on Estate tax or Inheritance tax is at its high. Just before I start the concept is not new…

Provisions relating to filing of return of income are contained in section 139 of the Income-tax Act, 1961 (“the Act”). As per section 139(1) of the Act a Company is mandatorily required to file its return of income irrespective of the fact whether the company earns any income or not. A company incorporated outside India,…

Google is the most widely used search engine on the internet today. It receives over 3 billion online searches daily. Google was created in 1998 by Larry Page and Sergey Brin. Google search engine has been characterized by its high speed, deeper index, relevant results, simple interface and query specific snippets. The major source of…

• Section 80IBA of the Act provides for deduction of 100% of profits and gains derived from the business of developing and building housing projects. However, the deduction contains a condition that the projects approved by the competent authority before 31 March 2019 are only eligible for the deduction. It is proposed to extend the…

• Currently, if the property consisting of any building or land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let out for whole or part of the year, the notional income from such property under the head Income from house property is not chargeable to tax up…

• Section 194A of the Act provides for the withholding of tax on the interest earned from securities by an individual or HUF. The section provides that where the interest paid by banking company, co-operative society or on deposits from post-office does not exceed Rs 10,000, no tax will be withheld. It is proposed to…

Carry forward of agricultural losses It is proposed to amend sub-rule 1 and 2 of the Rule 8 of Income-tax Rules to provide the benefit of carry forward losses earned through agricultural activities. As per the proposed provision, the loss incurred from AY 2011-12 till AY 2018-19, if not set off with the agriculture…

• As per the current provisions of the Act, a person having two or more properties can opt for treating anyone property as a self-occupied property. Thereafter, the person has to pay tax on the notional rent from the other properties (i.e. other than the self-occupied property). • It is proposed to extend the choice…

• As per the provisions of section 54 of the Act, where an individual or HUF earns capital gain from sale of residential property, may purchase another residential property and save the capital gain on the sale. The purchase of property and the capital gain exemption is subject to certain conditions. • From AY 2015-16, a restriction…